Don’t let banks bully you into taking on unnecessary credit just so you can build up a credit record.
Category - Borrowing
Don't fall into the trap of taking on unnecessary consumption debt in a misguided attempt to build up your credit record.
Debt consolidation is not necessarily a solution to a debt problem. You need to make adjustments to your budget so that you do not access further credit.
Proposals to curb the costs of borrowing will be welcomed, but a likely consequence is that less credit will be available.
Paying additional funds into your mortgage each month – even if it's just a small amount – can make a significant difference.
As consumers feel the pinch, they are resorting to more expensive forms of credit to fund consumption.
With the interest rate rising slowly but steadily, consumers should review their finances to understand the impact of future rates on their budgets.
The DTI’s decision to delay the implementation of the NCA Amendments relating to affordability tests has resulted in an alarming increase in ‘payday’ loans.
The National Credit Regulator is clamping down on the type of unethical practices that have long plagued the consumer credit insurance industry.
The latest Old Mutual Savings and Investment Monitor suggests that household finances are set to deteriorate further, especially for the so-called “sandwich generation”.